Revenue growth was better that market consensus (LSEG) expected in Q4. However, relative profitability was a bit weaker than market consensus in Q4. But full year 2024 EBITDA guidance midpoint was well in line with market consensus of EUR 21m. Moreover, cash flow from operations turned positive in Q4. The orderbook was EUR 457m at the end of December 2023. Order backlog declined in Q4 q/q but new orders should support order book again in Q1 2024. The company do not propose a dividend payment which was in line with our expectation. The assessment of the options related to own wind power production continues and no information regarding the funding of 600MW of own wind power capacity.
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